Thailand · Delayed Price · Currency is THB True Corporation PCL Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong subscriber growth and improved profitability, with EBITDA up 10.9% year-on-year and net profit quadrupling. Despite revenue headwinds from pay TV and macro uncertainty, guidance and leverage targets are maintained, and a shift to quarterly dividends was announced.
Fiscal Year 2025
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Achieved first full year of profitability in 2025, with strong EBITDA growth and reduced leverage. Guidance for 2026-2028 targets higher EBITDA margins, lower CapEx intensity, and increased dividend payout, supported by digital transformation and AI initiatives.
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Q3 2025 marked a major operational milestone with the completion of network integration, driving an 8% year-on-year EBITDA growth and improved margins. Despite macroeconomic headwinds and subscriber churn, fundamentals are strengthening, and a 125% payout interim dividend was declared.
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Service revenue and EBITDA remained stable after normalizing for a major network outage, with ongoing transformation and cost efficiencies supporting profitability. 2025 guidance was revised downward due to macroeconomic headwinds, but long-term targets and a strong dividend policy remain intact.
Fiscal Year 2024
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EBITDA grew 14.5% year-on-year in 2024, with service revenue up 4.6% and strong cost discipline driving margin expansion. 2025 guidance targets 2%-3% service revenue growth, higher EBITDA margin, and continued deleveraging, with reported profitability and a dividend payout above 50% of net profit.
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EBITDA grew for the seventh consecutive quarter, reaching THB 25 billion in Q3 2024, with service revenue up 4.2% YoY and normalized profit at THB 3.1 billion. Network modernization and digital expansion drove operational gains, while net debt and leverage improved significantly.
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EBITDA and service revenue saw robust year-over-year growth, with normalized net profit nearly tripling sequentially. Network modernization and synergy realization drove margin expansion, while net debt and leverage improved significantly. Upward guidance was issued for both revenue and EBITDA for 2024.